McNichols ConsoIida'ted Plc
7, Jem‹nat Laalu StreeL, Journalist Estate Areoo. 07060921601. 0704fl921603
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McNichols Consolidated Plc Quarter 3 Financial Statements January to September2024
OIus egun Layode Chairman), Chimor aoke Edpe 1IVt0/CCO, Nf›eka Briggs. Qnyebuc hi Agubesi, Hilcla Nkor, Nxeakor Atulc•mah
McNICHOLS CONSOLIDATED PLC UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED (JANUARY 2024 - SEPTEMBER 2024)NOTE | Jan-Sep 2024 | Jan-Sep 2023 | Jul-Sep 2024 | Jul-Sep 2023 | |
₦ | ₦ | ₦ | ₦ | ||
Revenue | 1 | 4,306,664,059 | 874,730,630 | 1,697,787,839 | 325,540,829 |
Cost of Sales | (3,906,687,678) | (741,163,658) | (1,575,595,132) | (283,162,638) | |
Selling, Marketing & Admin. Expenses | 5 | (280,748,544) | (95,881,685) | (85,355,584) | (32,846,227) |
Finance Charges | 9 | (5,124,389) | (7,921,693) | (1,450,189) | (2,604,664) |
Profit Before Taxation | 114,103,448 | 29,763,593 | 35,386,934 | 6,927,300 | |
Taxation | 6 | (26,040,555) | (3,246,785) | (9,963,633) | (539,731) |
Profit From Continuing Operations | 88,062,893 | 26,516,809 | 25,423,301 | 6,387,569 | |
Other Comprehensive Income | - | - | - | - | |
Prior Year Deferred Tax Adjustment | - | - | - | - | |
Total Comprehensive Income | - | - | - | - | |
Profit Attributable to the Owners of the Company | 88,062,893 | 26,516,809 | 25,423,301 | 6,387,569 | |
Non-Controlling Interest | - | - | - | - | |
Total Comprehensive Income Attributable to the Owners of the Company: | 88,062,893 | 26,516,809 | 25,423,301 | 6,387,569 | |
Non-Controlling Interest | - | - | - | - | |
Total Comprehensive Income for the Period | 88,062,893 | 26,516,809 | 25,423,301 | 6,387,569 | |
Earninngs Per Share (Kobo) | 7.89 | 3.69 | 2.28 | 0.89 |
McNICHOLS CONSOLIDATED PLC
UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30,2024NOTES 8 7 2 11 3 10A 4 10B | Sep-24 | Sep-23 | Dec-23 | |
AUDITED | ||||
₦ | ₦ | ₦ | ||
ASSETS | ||||
Property, Plant and Equipment | 406,699,384 | 290,147,902 | 320,251,372 | |
Investment | 6,400,000 | 5,820,000 | 6,400,000 | |
TOTAL NON-CURRENT ASSETS | 413,099,384 | 295,967,902 | 326,651,372 | |
CURRENT ASSETS | ||||
Inventories | 338,675,119 | 113,509,848 | 275,371,990 | |
Trade and Other Receivables | 247,527,476 | 169,369,486 | 165,970,869 | |
Cash and Cash equivalents | 263,554,776 | 60,870,750 | 283,927,749 | |
Restricted Cash | 16,731,169 | 37,635,467 | 16,731,169 | |
TOTAL CURRENT ASSETS | 866,488,540 | 381,385,551 | 742,001,777 | |
TOTAL ASSETS | 1,279,587,924 | 677,353,453 | 1,068,653,149 | |
EQUITY | ||||
Share Capital | 558,396,565 | 359,370,000 | 558,396,565 | |
Share Premium | 5,576,000 | 13,723,990 | 5,576,000 | |
Retained Earnings | 93,414,945 | 26,671,120 | 27,676,912 | |
Equity Attributable to Owners of the Company | 657,387,509 | 399,765,110 | 591,649,477 | |
Non-controlling Interests | ||||
TOTAL EQUITY | 657,387,509 | 399,765,110 | 591,649,477 | |
LIABILITIES | ||||
Long Term Borrowings | - | 34,375,000 | 24,062,500 | |
Provisions | 117,760,000 | 92,093,699 | 85,000,000 | |
Deferred Tax Liabilities | 22,599,717 | 14,056,519 | 22,599,717 | |
TOTAL NON-CURRENT LIABILITIES | 140,359,717 | 140,525,218 | 131,662,217 | |
Trade and Other Payables | 421,425,143 | 92,566,341 | 293,826,739 | |
Loans and Borrowings | 34,375,000 | 41,250,000 | 41,250,000 | |
Current Tax Liabilities | 26,040,555 | 3,246,785 | 10,264,716 | |
TOTAL CURRENT LIABILITIES | 481,840,698 | 137,063,126 | 345,341,455 | |
TOTAL LIABILITIES | 622,200,415 | 277,588,344 | 477,003,672 | |
Total EQUITYAND LIABILITIES | 1,279,587,924 | 677,353,453 | 1,068,653,149 | |
………………………...……………………..
These financial statements were approved by the Board of Directors on 25th October, 2024 and signed on its behalf by:
………………………………………………………………………………………….
Chimaraoke Ekpe Adebayo Temitope Abefe
Managing Director Finance Manager
FRC/2016/NIM/00000014307 FRC/2021/001/00000022401
McNICHOLS CONSOLIDATED PLC STATEMENT OF CHANGE IN EQUITY AS AT 30 SEPTEMBER 2024 | ||||
Share Capital | Other Reserves (Share Premium) | Retained Earnings | Total Equity | |
Balance as at 01/01/2023 | 359,370,000 | 13,723,990 | 7,341,710 | 380,435,700 |
Balance as at 30/09/23 | 359,370,000 | 13,723,990 | 26,671,119 | 399,765,109 |
Balance as at 01/01/2024 | 558,396,565 | 5,576,000 | 27,687,915 | 591,660,480 |
Issued Share Capital | - | |||
Dividend Paid | (22,335,863) | (22,335,863) | ||
Profit/Loss for the period | 88,062,893 | 88,062,893 | ||
PPE Revaluation Surplus | - | |||
Balance as at 30/09/24 | 558,396,565 | 5,576,000 | 93,414,945 | 657,387,510 |
McNICHOLS CONSOLIDATED PLC
STATEMENT OF CASH FLOW AS AT 30 SEPTEMBER 202430-Sep-24 | 30-Sep-23 | 31-Dec-23 | |
₦ | ₦ | ₦ | |
Cash Flow from Operating Activities | 189,636,400 | 18,130,033 | 76,270,051 |
Tax Paid | (13,027,638) | (5,270,357) | (5,807,460) |
Net Cash Generated from Operating Activities | 176,608,763 | (5,270,357) | 70,462,591 |
Cash Flow from Investing Activities | |||
Purchases of property, plant and Equipment | (138,584,028) | (29,143,550) | (70,362,792) |
Sale of property, plant and Equipment | - | - | |
Net Cash Flow from Investing Activities | (138,584,028) | (29,143,550) | (70,362,792) |
Cash Flows from Financing Activities | |||
Long Term Loans & Leases | (30,937,500) | (30,937,500) | (41,250,000) |
Share Capital | - | - | 190,878,575 |
Provision | (2,000,000) | ||
Net Interest Paid | (5,124,345) | (7,921,693) | |
Dividend Paid | (22,335,863) | (6,468,660) | (7,187,400) |
Net Cash from Financing Activities | (58,397,708) | (45,327,853) | 140,441,175 |
Total Cash Movement for the period | (20,372,973) | (79,741,760) | 140,540,974 |
Cash at beginning of period | 300,658,918 | 160,117,944 | 160,117,944 |
Total cash at end of period | 280,285,945 | 80,376,184 | 300,658,918 |
McNICHOLS CONSOLIDATED PLC
NOTE TO THE UNAUDITED STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED SEPTEMBER 30, 2024
1 Revenue Turnover of ₦4,306,664,059 represents the total invoice value of goods sold to third parties, interest income on money market investments and other income.
₦ | ||||||||
Trade Revenue 4 | ,269,129,978 | |||||||
Interest Income ---------------------------------------------- | 34,321,937 | |||||||
Other Income | 3,212,144 | |||||||
30-Sep-24 | 31-Dec-23 | |||||||
2 Trade and Other Receivables | ||||||||
Accounts Receivable | 235,250,133 | 136,369,797 | ||||||
Provision for Doubtful Debts | - | - | ||||||
235,250,133 | 136,369,797 | |||||||
Other Receivables | 7,934,971 | 28,042,406 | ||||||
Prepaid Expenses | 4,342,372 | 4,957,284 | ||||||
247,527,476 | 169,369,486 | |||||||
3 Total Equity | ||||||||
Share Capital | 558,396,565 | 359,370,000 | ||||||
Share Premium | 5,576,000 | 13,723,990 | ||||||
Retained Earnings | 93,414,945 | 26,671,120 | ||||||
657,387,509 | 399,765,110 | |||||||
4 Trade and Other Payables | ||||||||
Accounts Payable - Vendor | 117,019,545 | 16,648,468 | ||||||
Other Creditors | 304,405,598 | 75,917,873 | ||||||
421,425,143 | 92,566,341 | |||||||
5 Selling, Marketing & Admin. Expenses | 30-Sep-24 | 30-Sep-23 | ||||||
Admin. Expenses | 149,588,086 | 34,405,880 | ||||||
Selling & Marketing | 131,160,458 | 61,475,806 | ||||||
280,748,544 | 95,881,686 | |||||||
6 Taxation | 30-Sep-24 | 30-Sep-23 | ||||||
Education tax for the period | 4,675,221 | 541,131 | ||||||
Corporate tax for the period | 21,365,334 | 2,705,654 | ||||||
26,040,555 | 3,246,785 | |||||||
7 Investment | ||||||||
This is investment in the ordinary shares of | ||||||||
Interlinked Technologies Plc. | 6,400,000 | 5,820,000 | ||||||
8 Property, Plant & Equipment | ||||||||
Office | ||||||||
Leasehold | Plant and | Furnitures and | ||||||
Land Building Freehold Building Machinery Office Equipment Fittings Motor Vehicle Total | ||||||||
₦ | ₦ | ₦ ₦ ₦ ₦ | ||||||
At January 1, 2024 123,651,586 30,693,635 | 161,818,236 | 373,171,516 | 22,311,934 36,977,289 71,653,761 820,277,957 | |||||
Reclassification between cost and | ||||||||
depreciation | - | - | - | - | - | - | - | - |
Additions | - | - | 138,223,400 | 2,259,980 | - | - | 140,483,380 | |
Disposals/write off | - | - | (12,298,126) | - | - | - | - | (12,298,126) |
Revaluation | - | - | - | - | - | - | - | - |
At 30th September, 2024 123,651,586 30,693,635 | 149,520,110 | 511,394,916 | 24,571,914 | 36,977,289 | 71,653,761 | 948,463,211 | ||
Depreciation: At January 1, 2024 - 30,693,634 | 59,103,624 | 283,053,386 | 20,972,143 | 34,550,037 | 71,653,761 | 500,026,585 | ||
Reclassification between cost and | ||||||||
depreciation | - | - | - | - | - | - | - | - |
Charge for the year | - | - | 6,166,954 | 33,515,117 | 814,429 | 1,240,742 | - | 41,737,242 |
Disposals/write off | - | - | - | - | - | - | - | - |
At 30th September, 2024 | - | 30,693,634 | 65,270,578 | 316,568,503 | 21,786,572 | 35,790,779 | 71,653,761 | 541,763,827 |
Carrying Amount | ||||||||
At 30th September, 2024 | 123,651,586 | 1 | 84,249,532 | 194,826,413 | 2,785,342 | 1,186,510 | - | 406,699,384 |
At 31st December, 2023 | 123,651,586 | 1 | 102,714,612 | 90,118,130 | 1,339,791 | 2,427,252 | - | 320,251,372 |
9 Finance Charges | ||||||||
30-Sep-24 | 30-Sep-23 | |||||||
Interest Expenses | 1,971,395 | 3,508,099 | ||||||
Bank Charges | 3,152,994 | 4,413,594 | ||||||
5,124,389 | 7,921,693 | |||||||
Interest expenses are charges on loans received from other financial institutions Bank charges are operating expenses on our bank accounts
10A Long Term Borrowings | 30-Sep-24 | 31-Dec-23 | |
BOI Loan (Non-current Liabilities) | - | 24,062,500 | |
- | 24,062,500 | ||
10B Loans and Borrowings | 30-Sep-24 | 31-Dec-23 | |
BOI Loan (Current Liabilities) | 34,375,000 | 41,250,000 | |
34,375,000 | 41,250,000 | ||
11 Restricted Cash |
Restricted cash is unclaimed dividend and as such restricted.
Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) McNichols Consolidated Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares.
The Policy undergoes periodic reviews by the Board and is updated accordingly.
The Company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the policy during the period.